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Mind telling me what you think my chances of a new car loan would be?

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Anonymous
Not applicable

Mind telling me what you think my chances of a new car loan would be?

Heres what I am working with:

 

Credit Score: EQ: 723 / TU: 718 / EX: 694

AAoA: EQ: 21mo / TU: 6mo / EX: 6mo

# of positive trade lines: 9

# of negative trade lines: 0

Income: 58,000 /annually

Lenght of Employment: 1yr 9mo

Previous Loan Experience: Car reposessed in 2002, defaulted on that loan.

Debt-to-Income (DTI): Not sure how to figure this out, I have a personal consolidation loan I do through my CU that I pay 150 a month on, but I put everything on my Discover IT or Cap One card and then immediately pay it off. So if we are only taking into consideration the loan payment its 4.23%, if we are counting my Rent, Groceries, Bills which I put on my cards and then immediately pay off and the loan payment its closer to 50%.

Year of Car: 2018

Miles: 100-300

Purchase/Refinance: Purchase

Requested loan term (XX Months): 60

Down payment amount: 3k (up to 5k - 6k depending on how much my vehicle sells for privately)

Co-borrower/Co-Signer: None

Other: 2018 Honda Civic Si, will probably attempt my CU and Honda Financial.

4 REPLIES 4
Kree
Established Contributor

Re: Mind telling me what you think my chances of a new car loan would be?

If those are real FICO scores, then you are a contender for top rates.

 

the debt in DTI is just monthly obligations noted in your credit report plus your self reporting of rent.  So your minimum payment on the consolidation loan, and your minimum payment on your most recent discover and cap1 statements. plus rent.

 

 

Message 2 of 5
Anonymous
Not applicable

Re: Mind telling me what you think my chances of a new car loan would be?

Yeah, those are my Fico 8s from the myfico dashboard.

 

For the DTI ......... min payment for Discover IT, Cap 1 and rent ......... mmmm, some quick and dirty napkin math its about 35/38%

 

My rent is 1200 a month (I know, im trying to move someplace cheaper soon) and my take home monthly after taxes is about 3500

Message 3 of 5
Kree
Established Contributor

Re: Mind telling me what you think my chances of a new car loan would be?

Income will actually be pre-tax income. so you would be looking at closer to 27ish%     Not a problem for a new car loan staying under 500 a month. 

Message 4 of 5
Anonymous
Not applicable

Re: Mind telling me what you think my chances of a new car loan would be?

Oh man, yeah then thats substantially lower.

 

Thanks for the info! 

Message 5 of 5
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